Canadian Dollar Technical Outlook

Published June 24th, 2008 - 08:24 GMT
Al Bawaba
Al Bawaba

A triangle is unfolding.



Expect wave E of the triangle (underway now) to be sharp and end below 1.00.  This decline will present a high reward/risk opportunity against .9818.  A breakout in larger wave C towards 1.05/08 is expected to follow completion of the triangle.

STRATEGY: Bullish, against .9818, target above 1.0324 (but should be in a small position now since the triangle is unfolding, add to longs below 1.00)